1814/3 Half Eagle - 1814/3 $5, PCGS MS63. BD-1, R4+. This rare, Mint State 1814/3 Half Eagle overdate is tied for the second finest known at PCGS. The coin is predominately yellow gold has some orange gold toning around the main obverse device. The presence of these colors confirms the coins originality. The surfaces are clean for the grade with no notable abrasion marks or other distractions. There are die clash marks present from Liberty ear to the Y in LIBERTY. Most examples of this date exhibit these clash marks, which add interest to the piece. The coin is well struck with full details on the centers of the stars, Libertys hair, and the eagles neck. The dentils are full on both sides of the coin.

The 1814/3 half eagle obverse overdate die is the only one used in 1814 for the denomination. The reverse die was used on two other varieties, 1813 BD-2 and 1815 BD-1.

Within six months of his assignment as Assistant Engraver, John Reich designed the new half eagle. They were immediately criticized because Liberty was seen as the artists fat mistress. The obverse includes the artists signature, the notch on star 13. Many of these pieces were saved because they were the first of a new design and distinctly different from the European and Latin American coins that circulated during this time. However, in 1834 the weight standard for gold was lowered, and many half eagles went into melting pots.

The obverse shows a buxom Liberty in profile facing left wearing a LIBERTY inscribed cap that was intended to represent a Phrygian cap. It has seven stars to the left of Liberty and six to the right with the date below. The reverse shows a heraldic eagle with its wings raised. It is more defiant than its predecessor with its mouth opened and its neck aggressively curved. The inscription UNITED STATES OF AMERICA is in an arc around the eagle, interrupted by the wing tips. On a banner over the eagles head between its wings is the motto E PLURIBUS UNUM. The denomination written as 5 D. is below.  Dentils are seen at the periphery of both sides of the coin.

Reich corrected the error made by Robert Scot in the design of the previous half eagle (as well as his other heraldic eagle motifs). Scot had placed the arrows in the eagles right or dexter claw and put the olive branch in the left or sinister claw. This reversal of the positions of these two items is an inaccurate modification of the Great Seal of the United States. Arrows in the right claw symbolize extreme militarism, perhaps placed there because of the recent hostilities with France over shipping rights. The symbolism was being used to make a statement to France and others about the sovereignty of the United States. On the Capped Bust Half Eagle, the olive branch is in the right claw and the arrows are in the left.

John Reich, a skilled engraver, was born in Bavaria and came to the United States around 1800. In order to finance his passage, he sold himself into servitude. President Thomas Jefferson recommended that Reich be hired as an engraver at the Mint in 1801. When he was serving in Washingtons Cabinet, Jefferson was in charge of the Mint as Secretary of State. While in France, Jefferson developed a working knowledge of the minting process. Reich was hired for other duties, but he eventually became an engraver. He had a superb eye for the complicated aesthetics of coin engraving. At this time his freedom was purchased by an unknown mint official. Although Chief Engraver Robert Scot designed most of the coins at the mint since 1794, it was said that Reich had much more talent and ability than Scot.

In 1807, Reich was promoted to the position of Assistant or Second Engraver by Robert Patterson, the new Mint Director. Jefferson had urged Patterson to make this promotion because Scots eyesight was failing him. The promotion was timely because Reich was considering returning to Europe out of boredom with the menial tasks he had been assigned. Immediately Patterson assigned Reich the task of redesigning the nations coinage. He began with the half eagle and the half dollar, the two most important coins for commerce.

Reich put the denomination of the gold and silver coins. This innovation had not been done previously because coins, especially in Europe, were valued for their metallic content and weight. By 1815 Reich had created a set of circulating coins with the common capped liberty obverse. In 1813 Reich modified the half eagle to become what is called the Capped Head   design. Some contemporary critic called the bust of Liberty Reichs fat German mistress.

After working for ten years as Assistant Engraver at the mint, Reich resigned in 1817. He had received no pay raise or promotion and little praise from Robert Scot. Scot remained the Chief Engraver until his death in 1823.

The early Mint in Philadelphia had many challenges. Conditions were poor even at times chaotic. Each of the specialists, the designers, engravers, and press operators were men who had previously worked in other fields. Coin manufacturing was a new trade for them. Production was sporadic. For the new Mint to coin each of the mandated denominations, it took four years. This delay was partly because of inexperience and governmental obstacles. Bonds that were unrealistically high were impediments to engravers working with precious metals. Congress was not united on the need for a government mint since private and foreign coinage seemed to work. Because of the non-existent or low production numbers in the early years of the Mint, foreign copper, silver and gold circulated along with American made coins for many years until they were later demonetized.

Record keeping in the Mints early years was fairly inaccurate. At the end of the eighteenth century Philadelphia had recovered from the British occupation and Revolutionary War. It was the second largest city in the English-speaking world, but it could do nothing to protect its citizens from the mosquito-borne epidemic of yellow fever. Its wealthy citizens went to the countryside to escape, and the poor grimly waited their fate. Of course these annual epidemics caused havoc with all manufacturing that required continuity, such as a coinage sequence. The Mint shut operations during the late summer and early fall every year. In addition to yellow fever, disorder at the Mint was also caused by chronic bullion shortages and coin dies that would wear out and had to be re-engraved because they were not taken out of production until they failed completely. Often dies were locked up and later taken out of storage without great attention and care. There was also a jealous Chief Engraver, Robert Scot, who was in his seventies and had failing eyesight.  

In its population report, PCGS shows 9 1814/3 half eagles certified at the MS63 grade level with 4 higher grade.